When you are in the running to close a big business deal, it is natural to think positively and plan ahead for what might happen if the deal closes. You can keep telling yourself that you are the best choice for the transaction and going over all the reasons why the deal should close, though there is still no guarantee. Instead, while you are in the midst of a possible deal, consider why it might NOT close.
This might seem counterintuitive to some – after all, many people tout the power of positive thinking to manifest the results you want. However, assuming your transaction will be successful often makes you too comfortable. Meanwhile, another party vying for the opportunity has remained proactive, responsive, and more.
Play the Devil’s Advocate
There is a reason why people decide to play the devil’s advocate in many business situations. It is not just because they are being negative or doubting your company’s attributes, but often, it is because looking at things from the other perspective can be helpful.
Does a competitor have more resources to devote to the partnership? Did they give a lower bid? Can they get the job done faster? Are they more flexible with the terms of the deal they will accept? Do they have a dedicated point-of-contact once the deal closes?
By asking these honest questions regarding why someone might choose a competitor over your company, you can assess whether you could be offering more to make your business the best choice. While you might not be able to lower your bid significantly, you might think about what more you can offer that will be included in the bid.
It is important not only to promote the strengths of your business but also to acknowledge your potential weaknesses internally. By doing this and examining why the deal might NOT close, you can proactively improve what you can offer, which will only make partners and clients more satisfied with your service in the end. Playing devil’s advocate can work to close more deals in future, as you will have responded to your honest analysis and improved your offerings. In the end, looking at a deal from the other side can give you leverage and put you in a better position to actually close the deal.
Learn How Blue Street Capital Can Boost Your Company’s Success
Not every deal will close, but you can increase your chances of successful transactions by changing your mindset and predicting what your partners and clients may want before they ever say it. At Blue Street Capital, we know that trying to close deals can be stressful and can require a lot of nuance and energy on your part. We’re here to help with aspects of your business that you can put on auto-pilot while you focus on major decisions. We help companies find the technology solutions that work for them, and continue to do so. Contact us online to discuss our solutions today.